Havas: Give Us Liberty Or Give Us Debt

The French historically have been big proponents of liberty, and that apparently extends to the management of French-owned advertising conglomerates. Saying it would ensure the "democracy" of its shareholders, the board of directors of Havas passed a resolution recommending its shareholders vote against French corporate raider Vincent Bollore's demand to gain four seats on the Havas board. Havas, the parent of MPG and Arnold, said it was taking that position because Bollore's Bollore Medias Investissements, has refused to make its plans for Havas known to the board. Bollore currently controls about 20 percent of Havas. -- J.M.